The Invoice Market Report Stirs Australia’s Small Businesses

Another one of Step Change’s clients, The Invoice Market (tim), is making the headlines in this week’s business news. The financier reports that unpaid customer invoices are costing the Australian economy $76 billion, and it’s hindering SMEs to grow.

Contrary to common belief that says it’s big fishes in the industry that don’t pay bills on time, it’s actually small businesses that are making very late payments to other SMEs.

”Some businesses are having to ask for payment up to five times over several months, indicating that a new culture of ‘corporate selfishness’ has developed across Australia,” tim CEO Angus Sedgwick said on Monday.

The report further states that mining, hospitality, tourism, and real estate sectors are the biggest bill shirkers.

If this problem is addressed, the report estimates half a million jobs could be created, bringing the country’s unemployment rate down to nearly a zero.

The Invoice Market report is featured in the following online news:

• Channel 9 Today Show – Cash flow crisis
• ABC News Online ­– Unpaid customer bills costing small businesses and the economy up to $76 billion
• ABC The World Today – Bill shirkers costing Australian economy $76 billion, report warns
• Sky News – Small businesses struggling to pay bills
• SBS – Small business wallowing in unpaid bills
• 7 News – Small business wallowing in unpaid bills
• 9News ­– Small business wallowing in unpaid bills
• Independent Financial Adviser – Unpaid invoices hampering small business growth
• The Fifth Estate – Cash flow crisis costing Australian builders $15.4 billion
• Shepparton News – Small business wallowing in unpaid bills
• Echo Net Daily – Small business wallowing in unpaid bills
• Press Room – Small business wallowing in unpaid bills
• Audio Boom – Bill shirkers costing Australian economy $76 billion, report warns
• The New Daily – Unpaid bills hit small business for $76 billion
• 2UE – Second Career
• Adviser Voice – Small business cash flow crisis costing Australian economy $76 billion
• Industry Queensland – Small cap debt squeeze
• Industry Queensland – Mining SMEs cash flow squeeze - full report
• Banking Day – Brief: Westpac buys into Doshii, HSBC expands, and SMEs suffering
• Manufacturers’ Monthly – SME manufacturers’ cash flow crisis costs them growth
• Sourceable – Australian Construction Firms Owed $15.4 billion in Unpaid Debt
• Kochie’s Business Builders – $76 billion small business cash flow crisis